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CASE STUDY Mr and Mrs Lawson decided to purchase a holiday let property in the Lake District in the Summer of 2005. Judith Lawson takes up their story : “ We had been thinking about buying a second property for some time. Friends of ours had done so in the past and had done well with the properties they had bought. We initially thought about buying in Florida but the increasing number of hurricanes in the area combined with the long distance away made us think about buying closer to home. We knew the Lake District very well having holidayed in the area for many years. We particularly liked the Eskdale Valley and found a property in the village of Eskdale Green. The property was a typical 1930’s Lake District house in an ideal location and with fantastic views over the Fells. We knew straight away that it would be absolutely ideal. We raised the deposit by releasing some of the equity in our property and raised the balance of funds with a holiday let mortgage. 2006 was our first full year and we managed to obtain 26 weeks worth of full bookings which exceeded our expectations. At time of writing (August 2007) we have 28 weeks of bookings for the year. We also have our own website at www.birkhow.co.uk.
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What
makes a successful holiday let? Back to Judith Lawson : “ My
advice would be to decide on a particular area and then research, research
and then research again! It is so important to have a good understanding
of the area you plan to buy in and the likely lettings potential. Put
yourself in the shoes of a holidaymaker and think about what they would
want in a holiday property. In our situation we felt a traditional Lake
District property in a good location with good views would be ideal.
If you were buying in an area close to the sea then sea views or very
close beach access would probably be high on your list. It is very important
to get the right support structure in place to ensure that your property
is well managed. If you need a cleaner or gardener consider putting a
card in the local Post Office. For Linen and Laundry try |
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email:homecounties@btinternet.com Home Counties Mortgage Services is authorised and regulated by the Financial Services Authority. We are entered on the FSA register No 434190 at www.fsa.gov.uk/register The Financial Services Authority does not regulate some aspects of Holiday Let Mortgages Registered in England under Company number 5050127. The guidance contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. |
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